Lake County Port Authority Board of Directors have appointed Cathy Walsh to serve as the agency's interim executive director.

Walsh, who is the Port Authority's chief financial officer, takes over for former Executive Director John Loftus who retired last month.

"I'm happy to carry the Port through the transition period and make sure everything moves forward, all the projects we have going on," Walsh said Wednesday after the board appointment. "There is a lot of important things we're working on and I'm just glad to do my part to make sure that we keep moving forward in a positive way."

Among the major projects for the Port Authority is work to secure leases for companies to occupy the former Coe Manufacturing site in Painesville, which the Port Authority now calls the Bank Street project.

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The Port Authority last year obtained the 25-acre site that has not been utilized for the past two years with the goal to encourage companies to move in and have the property become productive again. Several companies have expressed an interest in moving to the site.

Port Authority officials also continue to work with local, county and federal officials to see if it is feasible to take over ownership of the Lost Nation Airport.

Board Chairman Harry Allen said the Port Authority is optimistic about what the agency is learning.

"Right now we're in the final stages of documentation with the city of Willoughby and the FAA regarding final agreements and final property agreement language," Allen said.

He said there are a few more steps that need to take place, including ensuring financial accountability and accounts that need to be resolved before a transfer of ownership can happen.

"Due diligence efforts are under way to better ascertain the costs and operations of the facility," he said.

The Port Authority Board also selected officers for the year. Re-elected were Allen as chairman and Christopher Madison as secretary.

Rita McMahon, former Painesville city manager who was appointed the board last month by county commissioners, was elected as vice chairwoman.